REDMOND, Wash., Oct. 9, 2012 /PRNewswire/ -- Microsoft Corp. today announced that Reed Hastings, founder, chairman and CEO of Netflix Inc., has decided that he will not seek re-election to Microsoft's board of directors at the company's 2012 annual meeting of shareholders.

"Reed has been a terrific board member, and his insights and experience have really helped guide us through a critical period of transformation for both Microsoft and the industry," said Steve Ballmer, CEO of Microsoft.

Hastings, who currently serves as the lead independent director on the Microsoft board, will continue to serve through the annual meeting of Microsoft shareholders in November 2012. The board will appoint a new lead independent director at that time.

"I'm thrilled to have served on the board at such a pivotal time for Microsoft, including the development of Windows 8, Windows RT and Microsoft Surface, which will bring exciting new opportunities for customers and the industry as a whole," said Hastings, 51, who joined the Microsoft board in March 2007. "I've decided to reduce the number of boards I serve on, so that I can focus on Netflix and on my education work."

Hastings currently serves on the boards of Netflix, Facebook, Microsoft, Dreambox Learning, the Knowledge Is Power Program (KIPP), and the California Charter Schools Association (CCSA).

The Microsoft board has traditionally ranged between nine and 11 members. The board added two new members with extensive tech industry experience earlier this year, with John W. Thompson, CEO of Virtual Instruments and former chairman and CEO of Symantec Corp., joining in February, and Stephen J. Luczo, chairman, president and CEO of Seagate Technology PLC, joining in May.